Paper loss of millions, but fortune was in the flotation

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So you think Facebook’s flotation was a flop? Tell that to Peter Thiel,
the libertarian, Ayn Rand-loving “angel investor” who has cashed in most of
his stake for more than $1 billion.

Facebook’s shares may have slumped from $38 to $20 since the company joined
the stock market in May, but from the perspective of those who funded Mark
Zuckerberg’s idea in its early days, that’s all froth. It’s payback time.

While many businesses — including Groupon, Zynga and Manchester United — float
on the stock market to make it easier to raise capital, Facebook didn’t need
money. It went public to